Published: Mon, February 05, 2018
Science | By Dan Gutierrez

Sensex cracks over 839 points the day after Budget presentation

Sensex cracks over 839 points the day after Budget presentation

India's financial markets went into a tailspin on Friday, with benchmark equity indices clocking the sharpest single-day fall in almost 15 months following the return of the long term capital gains (LTCG) tax on equities in this Budget.

On the the National Stock Exchange, the wider Nifty50 declined by 167.15 points or 1.52 per cent to trade at 10,849.75 points. Benchmark Sensex booked its worst rout in over two years with the 30-share index plummeting 840 points - its biggest single-day slump since August 24, 2015. According to reports, BSE Sensex was trading lower by 1.15 % soon after the Union Finance Minister tabled Budget 2018 in Parliament. The government in budget projected a fiscal deficit of 3.5 per cent of GDP for current fiscal against the earlier target of 3.2 per cent which also accelerated pace of selling by participants. "Additionally, rising inflation and yield may push the RBI to be more hawkish on interest rate in the coming monetary policy".

Mumbai: The BSE Sensex slipped 69 points to close below the key 36,000-mark on Wednesday following offloading of bets by retail investors and fresh capital outflows by foreign funds amid mixed global cues. TCS at 0.33% margin, Hindustan Unilever at 0.10%, and Wipro at 0.05%.

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Following the sale, the chief financial officer now directly owns 309,119 shares of the company's stock, valued at $28,837,711.51. Media stories about Valero Energy (NYSE:VLO) have been trending somewhat positive on Friday, Accern Sentiment Analysis reports.

Maruti Suzuki India, Reliance Industries, Bharti Airtel, HPCL, Axis Bank, Indiabulls Housing Finance, GAIL, Bajaj Auto, Bajaj Finance and UltraTech Cement fell 4-6 percent in the Nifty pack. Both market indices are trading in red a little before the closing hours despite the fact that they were considerably higher in run up to the Budget Speech. A year later, he brought in long-term capital gains tax, saying now the market has matured. The BSE Mid-Cap index was down 2.66% while the BSE Small-Cap index was down 3.37%.

European stocks ended Thursday's session in the red, extending losses for the fourth straight session on worries over rising bond yields after US policymakers raised their forecast for inflation.

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